Spirits giant Pernod Ricard has reported a drop in its Q1 2014 net sales by 9% to €2.01bn, compared to €2.2bn in the same period a year ago.
The company has attributed the decline in first-quarter sales primarily to an unfavorable foreign exchange impact during the period.
Pernod Ricard said that the Top 14 brands have posted a 5% decrease with a 1% decline in volumes. However, 18 important local brands, particularly those targeting emerging middle classes, have reported an 8% rise.
Pernod Ricard CEO Pierre Pringuet said that the company's first quarter was adversely affected by the slowdown of emerging markets and unfavourable technical effects.
"However, we remain confident in the diversity of our portfolio and the strength of our distribution network."
"We anticipate organic growth in full-year profit from recurring operations between +4% and +5%," Pringuet added.
